(BOI), one of India’s prominent public sector lenders, has announced a series of revisions to its Fixed Deposit (FD) interest rates. The bank has withdrawn its special 400-day FD scheme. The revised rates are to be made effective from 15th April, 2025, according to the bank’s press release.
Withdrawal of 400-day Special FD scheme
The bank has discontinued the 400-day special FD scheme offering competitive interest rate of 7.30%.
Bank of India cuts interest rates on these deposits
In addition to withdrawing its special 400-day deposit scheme, Bank of India has revised interest rates downward across various short- and medium-term fixed deposit (FD) tenures for amounts less than Rs 3 crore.
For deposits maturing between 91 days and 179 days, the interest rate has been reduced from 4.50% to 4.25%, down by 25 basis points (bps). For tenures ranging from 180 days to less than 1 year, the rate has been cut from 6.00% to 5.75% (25 bps rate cut). The bank has cut interest rates on one-year fixed deposits by 20 bps from 7% to 6.80%.
However, for FDs above 1 year and up to less than 2 years (excluding the withdrawn 400-day scheme), the interest rate has been lowered by 5 bps from 6.80% to 6.75%.
Senior citizens and super senior citizens FD rates
An additional rate of interest of 0.65% on deposits of Super Senior Citizens and 0.50% on deposits of Senior Citizens below Rs. 3 crore is offered on Fixed Deposits with a maturity period of 6 months & above.